AVI's 2026 Headline Earnings Rise 6% as Board Declares 300-Cent Special Dividend

Key Facts

AVI Limited, listed under the ticker AVI, reported results for the year ended June 30, 2026, with revenue up 1.4%, operating profit up 4.4%, and profit for the year increasing 5.5%.

The disclosed growth rates cover the full financial year, not the second half alone. Headline earnings rose 6%, while headline earnings per share increased 5.3% to 767.9 cents from 729.1 cents.

Operating profit increased to 3.72 billion rand from 3.56 billion rand, lifting the operating margin to 22.9% from 22.2%. A 3.2% decline in selling and administrative expenses and lower finance costs helped profit grow faster than revenue.

Performance was uneven through the year. AVI said the second half was more challenging because of weaker consumer demand, higher fuel prices, sustained high interest rates, and increased competition. Distributors and wholesale customers also deferred fourth-quarter purchases amid concerns about unrest surrounding a June 30 protest action.

At the segment level, I&J's revenue rose 10.2% and its operating profit increased 32.1%. The abalone operation's loss, however, widened to 77.6 million rand from 27.4 million rand after an 84 million rand non-cash biological-asset revaluation.

Cash generated by operations before working-capital changes rose 5.9% to 4.47 billion rand, while net debt excluding leases declined to 1.14 billion rand from 1.71 billion rand. AVI declared a final dividend of 418 cents per share and a special dividend of 300 cents, with the total ordinary dividend rising 5.9% to 663 cents per share.

AVI expects difficult trading conditions to persist and warned that competition may limit its ability to protect margins in some categories. The company has secured a large portion of its raw-material and foreign-exchange requirements for the first half of the new financial year, while I&J's outlook remains tied to fishing performance, fuel prices, and exchange rates.